EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact

Organisation is considering crediting interest rate in a staggered manner with the remaining 0.35% to be paid in December 2020

The Employees’ Provident Fund Organisation (EPFO) on Wednesday said it would credit 8.5 per cent interest to formal sector workers in a staggered manner, citing the Covid-19 pandemic’s impact on its income.

The decision was taken at a meeting of the EPFO’s central board of trustees (CBT), chaired by Labour and Employment Minister Santosh Kumar Gangwar.

For now, the subscribers will get an 8.15 per cent interest on their deposits for the financial year 2019-20 (FY20), significantly lower than the 8.5 per cent the EPFO had decided upon in March. The remaining 0.35 per cent will be credited in December this year,